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The Financial Express

DSEX sheds 97 points in three straight sessions

FE ONLINE REPORT | Published: June 03, 2020 15:09:18 | Updated: June 05, 2020 10:00:28


Stocks end lower again amid sluggish turnover

Stocks extended their losing streak for the third straight session on Wednesday as investors fearing further economic contraction due to ongoing coronavirus crisis.

DSEX, the key index of the Dhaka Stock Exchange (DSE), went down by 6.17 points or 0.15 per cent to close at 3,963.

DSEX eroded 97 points in the past three consecutive sessions after adding 52 points in the opening session on March 31.

The presence of investors is still thin in the trading floor as many investors are yet to back in Dhaka after 66-day general holiday.

Market analysts said investors fearing further economic contraction and lower earnings of the listed companies due to the backdrop of COVID-19 crisis which fuelled indices downturn.

He noted that the current floor price limitation is impeding many investors’ willingness of liquidating their portfolios which is causing low turnover in the market.

The recently introduced circuit break annoyed many investors as most of the shares were stuck at the floor. Very few buyers came and picked some of the offered shares.

Of the issues traded, 252 remained unchanged while only 16 issues advanced and 43 declined on the DSE trading floor.

Growing tension over the impacts of Covid-19 outbreak remained in the investors’ mind as death and the number of new cases rising rapidly in recent days in the country, said an analyst.

Two other indices also ended lower. The DS30 index, comprising blue chips, shed 1.99 points to finish at 1,328 and the DSE Shariah Index lost 1.20 points to close at 918.

Turnover, a crucial indicator of the market, stood at Tk 1.52 billion on the country’s premier bourse, falling further by 2.0 per cent over the last session’s mark of Tk 1.55 billion.

A total number of 13,138 trades were executed in the day’s trading session with trading volume of 22.43 million shares and mutual fund units.

The market-cap of the DSE also fell to Tk 3,103 billion, from Tk 3,106 billion in the previous session.

Grameenphone topped the turnover chart with shares worth Tk 68 million changing hands, followed by Beximco Pharma, Beximco, Square Phrama and Al-Arafah Islami Bank.

Exim Bank 1st Mutual Fund was the day’s best performer, posting a gain of 2.43 per cent while Dulamia Cotton Mills was the worst loser, losing 7.20 per cent.

The Chittagong Stock Exchange also ended lower with its All Shares Price Index (CASPI)—losing 29 points to close at 11,231 and the Selective Categories Index - CSCX –shedding 19 points to finish at 6,804.

Of the issues traded, 14 gained, 32 declined and 81 remained unchanged on the CSE.

The port city bourse traded 1.83 million shares and mutual fund units worth Tk 36 million in turnover.

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